Nigeria - Iron or Steel Wire Products - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Iron or Steel Wire Product in Nigeria - 2022
Contents:
- Price for Iron or Steel Wire Product in Nigeria (CIF) - 2022
- Price for Iron or Steel Wire Product in Nigeria (FOB) - 2022
- Imports of Iron or Steel Wire Product in Nigeria
- Exports of Iron or Steel Wire Product in Nigeria
Price for Iron or Steel Wire Product in Nigeria (CIF) - 2022
The average import price for iron or steel wire products stood at $115,699 per ton in 2021, jumping by 7,764% against the previous year. Overall, the import price continues to indicate a significant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($4,635 per ton), while the price for China amounted to $1,374 per ton.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+12.8%).
Price for Iron or Steel Wire Product in Nigeria (FOB) - 2022
In 2021, the average export price for iron or steel wire products amounted to $4,089 per ton, declining by -10.7% against the previous year. Overall, the export price, however, posted notable growth. The pace of growth appeared the most rapid in 2020 an increase of 184% against the previous year. As a result, the export price reached the peak level of $4,580 per ton, and then fell in the following year.
There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($137,485 per ton), while the average price for exports to Ghana ($773 per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sao Tome and Principe (+15.9%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Iron or Steel Wire Product in Nigeria
In 2022, overseas purchases of iron or steel wire products decreased by -58.7% to 511 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 32% against the previous year. As a result, imports reached the peak of 2.3K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, iron or steel wire product imports declined notably to $597K in 2022. Overall, imports recorded a precipitous descent. The most prominent rate of growth was recorded in 2021 when imports increased by 4,194%. As a result, imports reached the peak of $143M, and then shrank notably in the following year.
| Import of Iron or Steel Wire Product in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| China | 1.2 | 2.2 | 143 | 991.6% | |
| Others | 0.7 | 1.2 | 0.6 | -7.4% | |
| Total | 1.9 | 3.3 | 143 | 767.5% | |
Top Suppliers of Iron or Steel Wire Product to Nigeria in 2022:
- China (103.8K tons)
Exports of Iron or Steel Wire Product in Nigeria
In 2022, approx. 10 tons of iron or steel wire products were exported from Nigeria; with a decrease of -48.1% against 2021 figures. Overall, exports saw a significant decline. The pace of growth was the most pronounced in 2021 when exports increased by 2,503% against the previous year.
In value terms, iron or steel wire product exports declined remarkably to $41K in 2022. Over the period under review, exports saw a deep reduction. The pace of growth was the most pronounced in 2021 when exports increased by 2,224% against the previous year. As a result, the exports reached the peak of $80K, and then contracted significantly in the following year.
| Export of Iron or Steel Wire Product in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Germany | N/A | N/A | 48.0 | 0% | |
| Ghana | 11.3 | 40.8 | 6.1 | -26.5% | |
| Sao Tome and Principe | 0.8 | 3.6 | 1.0 | 11.8% | |
| Benin | 9.1 | 0.3 | N/A | -96.7% | |
| Niger | 10.5 | N/A | N/A | 0% | |
| Singapore | 12.7 | N/A | N/A | 0% | |
| Others | 6.4 | -41.2 | 24.4 | 95.3% | |
| Total | 50.8 | 3.4 | 79.5 | 25.1% | |
Top Export Markets for Iron or Steel Wire Product from Nigeria in 2022:
- Benin (undefined tons)
- Ghana (7.8 tons)
- Germany (0.3 tons)
- Sao Tome and Principe (0.2 tons)
This report provides an in-depth analysis of the market for iron or steel wire product in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 25992925 - Finished products of iron/steel wire, snares, traps, etc., fodder ties, animal nose rings, mattress hooks, butchers
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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